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LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
 
Long-term debt obligations on the consolidated balance sheet (in millions):
 20222021
Fixed-rate notes payable due through 2029$113 $163 
Fixed-rate PSP note payable due through 2031600 600 
Fixed-rate EETC payable due through 2025 & 2027947 1,058 
Variable-rate notes payable due through 2029514 738 
Less debt issuance costs(15)(20)
Total debt2,159 2,539 
Less current portion276 366 
Long-term debt, less current portion$1,883 $2,173 
Weighted-average fixed-interest rate3.5 %3.7 %
Weighted-average variable-interest rate5.8 %1.3 %
 
Approximately $302 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at December 31, 2022, resulting in an effective weighted-average interest rate for the full debt portfolio of 3.7%.

During 2022, the Company made scheduled debt payments of $368 million and prepayments of $17 million.

Debt Maturity

At December 31, 2022, long-term debt principal payments for the next five years and thereafter are as follows (in millions):
 Total
2023$280 
2024244 
2025296 
2026176 
2027535 
Thereafter643 
Total principal payments$2,174 
 
Bank Lines of Credit
 
Alaska has three credit facilities totaling $486 million as of December 31, 2022. One of the credit facilities for $150 million expires in March 2025 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. A second credit facility for $250 million expires in June 2024 and is secured by aircraft. Both facilities have variable interest rates based on LIBOR plus a specified margin. A third credit facility for $86 million expires in June 2023 and is secured by aircraft.

Alaska has secured letters of credit against the third facility, but has no plans to borrow using either of the other two facilities. All credit facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million. Alaska was in compliance with this covenant at December 31, 2022.